Fund Description

The fund invests at least 80% of net assets, including borrowings for investment purposes, in high-yield debt instruments, including corporate debt securities and floating rate loans rated below investment grade by nationally recognized statistical rating organizations or, if unrated, deemed comparable. It may invest up to 25% of net assets in debt instruments of foreign issuers. Corporate debt holdings are typically unsecured with fixed-rate interest, while floating rate loans are typically secured with rates that adjust periodically. It may invest across maturities without targeting a specific dollar-weighted average maturity and emphasizes credit risk in selection. It may also invest in privately placed and other securities purchased and sold under Rule 144A or other exemptions, subject to regulatory restrictions.